As most of us would be aware, buying or selling a real estate property is indeed a tough and difficult job. There a number of legal, statutory, and other processes that needs to be gone though. As ordinary persons it may not be possible for us to understand the details of each and every process thoroughly. Missing out on even a small process could cause problems and could jeopardize the entire deal. Hence there is the need to hire the services of real estate attorneys and valuers in melbourne for various reasons.
First and foremost, getting a good fix on the legal status of the property is very important. The buyer would like to be doubly sure that the present ownership of the property is established beyond doubt. This would call for performing some important due diligence processes and the role of a good real estate attorney or lawyer is very crucial. In the same light, the role of property valuer also needs to be understood so that his role can also be seen in the right perspective.
When a buyer decides to buy a real estate property, he or she would like to know whether the right price is being paid for the property. This could be found out in more ways than one. The prospective buyers could get in touch with the market and have a reasonably rough idea about the value of the property in question. However, this is at best an indicative rate and the buyer will not certainly put in his money based on this information alone. He would like to get in confirmed from a knowledgeable and informed source. There can be none more qualified than a professional and experienced valuer who could give an authentic figure about the fair value of the property in question.
Australia is one of the few countries that has been able to come out of the financial crisis that had swept across the world. Today, it is a market which holds out a lot of promise for those foreigners who believe in staying invested for the long term. However, before investing in the Australian real estate market, you should have thorough knowledge about the rules governing such investment by foreigners. First and foremost each and every property that you are planning to buy in this country as a foreigner should be approved by the separate committee that is set up for this purpose. Only when they approve the transaction would you be able to move ahead and draw up contracts and other documents by the professional property valuers in Adelaide.
In the same light when you wish to sell off properties in Australia as a foreigner here too you are guided by some cooling off period which you should adhere to. The period as of now is 6 months but is subject to change from time to time. Hence, when buying or selling properties in this country you should be sure that you are on the right side of the law. Any ignorance of law will not be tolerated and you may end up paying big fines.
If you are keen on investing in real estate in this country, the first starting point is to take the services of good lawyers and of course good property valuers. As a foreigners you have to depend on the valuers to get an idea about the fair market value of the property that you are planning to buy. You may not be right to go by the market figures alone which could be way off the actual value. There is a high chance of real estate cartels fixing the price and pushing it high especially when foreign buyers are involved.
As per the current rules and regulations that cover buying and selling of properties by foreigners there is clear mention that the same has to be approved by the government. Hence, it is incumbent upon the buyer to be aware of these rules which may not be always possible. So, the best way forward would be to take the services of a few qualified and experienced professional to take the matter forward.
As a starting point, it would be ideal to identify a good real estate attorney or lawyer who has a good knowledge about the rules governing property buying and selling in Australia especially if the buyer or seller is a foreigner. These professionals will certainly help you to get into such deals confidently without fearing breaking of the local laws which could invite stiff fines.
It is also very important for foreigners to identify good property valuers Brisbane too. They will play a big role in helping to see that that the entire transaction is done smoothly without any hiccup. They will also be very helpful in giving a lot of useful and relevant subjective information which could be of great benefit to foreigners who may not have a good knowledge about the topography and geography of such properties. They will specially lay emphasis on the quality of the neighbourhood and other such important factors which otherwise may not have been available for these foreigners. Therefore, not only knowing the rules but also living by it is very important when buying real estate in Australia. For more information, please visit: http://www.valsqld.com.au
The rules regarding real estate buying, selling and ownership transfers keep changing quite frequently. Even a small change in a small sub-para could have a reasonably big affect as far as the various stakeholders are concerned. For example there could be changes in the way property should be valued, the methods of calculations could also be redefined. In such situations the onus is on the valuers to keep themselves updated and informed accordingly.
There are many ways and means by which real estate valuers in Perth City can get the latest information on such changes to rules and laws. Each and every such change gets updated in the revenue department’s website immediately. This is perhaps the best way by which real estate valuers can keep themselves abreast about the happenings in this field. There are also a number of magazines and publications both from the revenue department and private publishers which could also be a big source of information as far as changes to land and real estate law are concerned.
Though it is quite unlikely that each and every change in real estate rules and laws will impact the valuer, it would not be a bad idea for them to keep updated about such changes too. This is because such changes could have an indirect positive or negative impact on their businesses. Being informed of such changes will prevent them from being caught off-guard or caught napping.
Hence, a good real estate valuer is the one who can offer extra services to his customers. This will be possible only when he or she is able to have the full knowledge and information regarding the latest happenings and changes in the real estate market.
If you are one of those persons who wishes to invest in properties in Australia, then it is high time you had a closer look at the various changes to the real estate market. This is because there have been some big changes to the rules and regulations covering buying and selling of properties especially when it comes to foreigners. That’s key reason why role of the certified property valuation company in Sydney is so big in coming years too.
As per the rules that were prevailing before these amendments, backing from a contract to buy or sell a property once it has been entered into would be quite difficult and virtually impossible in most of the cases. However, the recent amendments to the rules now allow for what is termed as a “cooling off period”. As per the amendment that is now in force, the buyer has three days during which time he or she could inform their decision to rescind from the contract irrespective of what has been entered into the agreement between the buyers and the sellers. While this augurs well for buyers, many sellers have been left fuming by this new law. Nonetheless when one looks at it from a fair business practices point of view, this change is very much in line with good business procedures and methods.
However, it should also be borne in mind that there are some exceptions to this rule which the buyers should also be aware of. A few such exceptions are given below:
• These changes to the law will not be applicable in case of auctioned properties that have been bought either three days before or three days after the date in which such auction advertisements have been published.
• If the same buyers and sellers have entered into a similar contract under similar circumstances, then too, the changes to the laws will not be binding on the sellers.
• These changes are only applicable for those properties that have been purchased for residential purposes. In case they are for industrial and commercial use, the law will not apply to both the stake holders.
• If a buyer happens to be a corporate body or real estate agent then he is not entitled to such “cooling off” period.
• Those who are buying such properties mainly with the objective of farming or if the size of the property in question exceeds 20 hectares, then the changes to the property rules will not apply.
However there is a small penalty that is payable by the purchaser if he or she decides to exercise this cooling off option. This is equivalent to 0.2% of the agreed purchase price or $100 whichever is higher. This amount is either payable by the buyer to the seller or if the seller has received any advance payment, then the seller is within his rights to deduced this amount and refund the balance.
Hence, as a customer and also as a seller, being aware of these recent changes to property rules and regulations is very important.
There is a big and continuing demand for real estate attorney and advocates. They have one of the most important roles to play in the buying and selling or any real estate property, however big or small it might be. They check the legal status of the property apart from ensuring that the sale deeds and other agreements that are drawn up during the buying and selling process are perfect from all points of view. They also have a pivotal role to play as far as liaison with the various government departments are concerned.
However, there is no doubt that competition even for the most established real estate lawyers and advocates is increasing quite rapidly. Under such circumstances it is very important for such professionals to find out new ways and means to increase their business to prevent stagnation and downtrends. Investing in technology and offering internet based solutions is a good way to stand tall in a crowd.
Apart from this, good real estate attorneys must find out ways and means by which they can add value to their customers. This is possible by branching out to different sections of real estate servicing. This is perhaps the main reason why many real estate attorneys are also taking to valuation of properties. This is a perfectly aligned business opportunity and could go a long way in helping those attorneys who wish to diversify and expand their business in the right manner.
However, it is important for such attorneys to understand the importance of getting certain things done immediately. The first starting point is to take an additional qualification on property valuation. Only then should you start expanding your new business to prospects. The next important point is to ensure that your valuation business is certified and accepted to be legal under the laws of the land. Last but not the least, you should find out ways and means by which you can cross sell your valuation business to those who are interested.
To begin with you should have a reasonably good knowledge regarding the entry and exit to and from the real estate market in this country. There are several special rules and also some special privileges for all those foreigners who are keen on investing in real estate rules in this country. You should preferably hire a professional to a get a move on on this matter. Trying to grasp all the rules yourselves is possible but it will take a lot of time. Further since the land is new to you, you may not know how to move forward. Therefore the role of a professional consultant becomes extremely important.
The next important fact that needs to be kept in mind is the importance of property valuation. Property valuation is a very vital subject and often confusing. Hence, as a prospective real estate investor from other countries you should also have a good idea about the various rules governing property valuer. Further as a buyer you should be doubly sure that you are paying the right price for the property that you are purchasing. It will not be right to go by market rates and estimates alone. The role of a property valuer is very important because he will value the property after taking into account various facts and figures and also by subjectively having a look at it.
You should take care to ensure that you are appointing the right property valuer. The first requirement that you should keep in your mind is to go in for valuers who are recognized and approved to run this business. The next important factor is to look for valuers who have their own websites apart from having at least a decades’ experience in this field. They should also have serviced quite a few foreign clients which will certainly add to your comfort levels.
In fine, buying a property in Australia can be a great decision provided you know what to look for as a foreigner/
While the main role of a real estate agent is that of marketing and selling, today, many real estate builders and promoters are taking this job upon themselves. This in no way undermines the role of a real estate agent but only is a pointer to the difficult situations in which they are being gradually pushed into. Under such circumstances it is quite evident that real estate agents would not like to be caught napping and become sitting ducks. They need to look at ways and means by which they can repackage their services and offer something new and unique to the customers. They should look at services that are complimentary to their main line of business.
Taking the above facts into account, there is no doubt that the donning the hats of a real estate agents and that of real estate valuer is something that could be very pertinent and useful. When a person offers both these services as a package, it is quite likely that he or she will be holding a new value proposition to the customer which would be difficult to ignore. For example, when a customer is on the look out for buying a real estate property, he certainly will have a real estate agent in mind. Once the initial marketing aspects and scouting for properties are over, the customer would certainly look forward to a good property valuer to take things forward.
Hence, if you are a person who is ready to offer both these services you stand a much better chance of clinching a deal simply because of the additional value that you are offering to the customers. Today’s customers are certainly short on time and would therefore not mind handing over the property valuation job to a real estate agent with whom they have built trust and confidence over a period of time.
Taking the above facts into account there is hardly an iota of doubt that it is very much desired that a real estate agent should also qualify and become a registered property valuer. It is a win-win situation both for the customers and the real estate agents-cum-property valuers.
First and foremost, it is a known fact that any real estate buying or selling involves thousands of dollars which could even touch millions in a number of cases. Hence, there is nothing wrong when both the buyers and sellers exercise extreme care and caution while moving ahead with such property transaction. They would like to put in their next step forward only when they are sure that everything is fine. However, for this to happen, it is very important for them to depend on the services of real estate lawyers and property valuers. While the former have a big role to play in ensuring the legalities of the entire documents that are a part of any real estate property, they also play a big role in helping negotiate with the stakeholders mostly on the legal points.
On the other hand, the role of real estate agents goes beyond the legal ramifications alone. There is a lot of subjectivity and qualitative information that is available from a property valuers report. Unlike the common perception that a property valuer only talks about figures and values, his report goes much beyond that. It talks about the area and the neighborhood where the property is situated. It also talks about the facilities and amenities that are available. Hence, it would be wrong to classify the job of a real estate valuer as that or a number or figure crunching facilities. There is a lot of subjectivity involved in his report which are very important to say the least.
This is perhaps the reason why real estate agents do not always go by the market value of a property. They do their own calculations and then come out with a value after taking into account a number of objective and subjective considerations. Further good real estate agents have a thorough knowledge about the local rules and regulations governing properties in their country and also in their city or town.
They are also very helpful when it comes to various other types of valuations. Some property valuations could be very complex and confusing and the scope for errors and mistakes could be almost nil. Under such circumstances, the role of a good valuer becomes highly critical and important. Considering the above points there is little doubt that a good valuer can be a friend, philosopher and guide in almost each and every matter related to buying and selling or properties. Even in cases where there is no commercial interest involves the role of these professionals is too obvious and important to be ignored.
If you are first time buyer or seller of home, apartment or any other type of property there is hardly any doubt that you should certainly take the help and services of a good real estate advocate or lawyer. This is because of various reasons. The sheer complexities of the various processes to be gone through before buying and selling a property is reason enough for taking the services of these professionals. As individuals having no experience in the real estate business it is quite likely you will not be aware of the various rules and regulations that needs to be followed when buying or selling a property. Missing out on even one process could become very costly and could damage the entire transaction. At times the mistake could come to light after a few months or even years and you could end up paying huge penalties and fines. All these can be avoided just by paying a few hundred dollars to your property lawyer who could take up all the responsibilities on his shoulders.
They also play a big in getting your property valued. Those who have been in the real estate market long enough would certainly understand the valuing a property forms an important part of the entire real estate buying and selling process. By appointing a good real estate attorney you will have access to some of the finest real estate appraisers who will ensure that the property you are planning to buy or sells represents the true market value. This will certainly give in you a sense of confidence and you will be able to move ahead in the transaction knowing fully well that you are getting full value for money.
A good attorney will also take care of drafting the entire sales deed and other legal documents. He will ensure that the entire process goes through till the consideration is paid and received by both the stakeholders. For transactions where there is no arm’s length consideration, here too the attorney will ensure that the ownership transfer goes ahead in a smooth and uncomplicated manner. Given the above facts it goes without saying that hiring a good real estate lawyer is very important to say the least.
First and foremost we have to keep in mind that are there are basically two types of valuation, i.e residential and commercial. The main objective of any valuation is to help the main stake holders, especially the buyers to have a good idea about the actual market value of the property that they are buying. Additionally, there are some statutory authorities also who would also like these valuation reports for calculating various figures.
Apart from merely assessing the financial value of a property there are a few other important jobs that are also performed by these professionals. They check the legality of a property and ensure that the documents are perfect from the legal point of view. At times the valuers may be required to go beyond their normal call of duty as far as valuation of a property is concerned. For example, they may be required to value properties that are quite some decades old. This would require digging into some old records. It is quite possible that the records might be in the manual form and hence getting hold the required information could be a big challenge.
Further when valuing a property it is not about just measuring the land and then coming out with a valuation report. It is much more than that and there are quite a few other matters that also should be looked into. A good valuer before submitting his valuation report would be required to pay a visit to the property concerned. Once the measurements have been taken, he is also supposed to have a look at the neighborhood and the quality of people and amenities available there. This is also goes a long way in impacting the value of the entire property.
When talking about the legal aspects of any property, the role of the valuer is to find out as to the number of owners of the same. This is very much possible because a property could have changed hands quite a few time before coming to the hands of the current owner. Hence, each and every transfer of ownership must have been properly recorded in the government books and the valuer has to ensure that it has been done and also should be able to submit proof thereof.
When submitting a valuation report it also is incumbent upon the valuer to give a clear information about the various features that are available in a property. This will certainly give a clear idea to the buyer whether the property is worth buying or not. In fact it is also quite common for property valuers to take full sized colored photographs of the entire property or also have them video recorded in their camera or cell phone. This will help in the buyer to have a better idea of the property instead of just hearing about it.